George Gatch says public markets are not dead, with tremendous enthusiasm around technology, space, and AI. He warns about concentration risk in US markets (top 10 S&P names = 40% of market, US = 60% of global). He recommends rebalancing into fixed income (yields at 4.4-6% with half the duration) and international/emerging markets. He sees opportunity in private credit given disruption in wealth management funds, and is building private credit capabilities within public market teams.
explicit
explicit
Oil
Metals
implicit
JPMorgan
9.2
Investment Bank $3170.00B
George Gatch 9.5
Investment Bank $3170.00B
George Gatch 9.5
6/19/2026 1:56:23 AM
dxy
He recommends reallocating internationally and into emerging markets, which implies a view that the dollar may weaken or at least not strengthen enough to deter international investment.
ndx
The AI trade is likely to power the US markets for some time.
rut
He warns about concentration in top 10 S&P names (40% of market) and recommends diversification, which implicitly supports broader market participation including small caps.
yields
Fixed income yields now have enough yield to insulate from potential upticks in inflation. The 10-year Treasury is at 4.44%.
Mimi Duff argues the rotation out of Mag 7 into small/mid caps, equal-weight S&P, and foreign equities has more legs as AI benefits broaden. She views the Fed's price stability focus as positive long-term, but notes 1-1.5 hikes are priced in short-term, which could tighten conditions. She recommends real assets (uranium, gold, energy) for inflation protection, and sees biotech and quantum computing as AI beneficiaries.
explicit
implicit
implicit
explicit
USD
Gentrust
1.0
Other
Mimi Duff 7.5
Other
Mimi Duff 7.5
6/19/2026 1:56:23 AM
metals
That real asset bucket helps us hold on to other assets when we have persistent inflation. That bucket is up 15-20% this year.
ndx
She sees AI trade as real and here to stay, which supports tech, but also sees rotation out of Mag 7 into broader market, suggesting a more cautious view on the concentrated tech index.
rut
We think the rotation out of the Mag 7 has more legs. Small caps, mid-caps are beating.
wti
She notes that if oil comes down, other assets will benefit from the relief trade, implying an expectation of lower oil prices.
yields
We have 1 to 1.5 hikes priced in between October and the end of the year.